The latest property analysis indicates a 50 per cent increase in enquiries for Bulgarian properties over the last six months. The interest comes from both property investors and also tourists interested in taking their holidays in Bulgaria.
The analysis shows that over the last couple of years property investment in Bulgaria has become popular with both private investors and also businesses. Both sets of buyers are hoping to benefit from the fast growing economy and rapid growing tourist numbers. Bulgaria is expected to join the EU in January 2007 and investor want to get in early in the hope that the country will repeat the success of holiday properties in more developed countries like France and Spain.
Many UK investors are targeting property in the beach resort in the hope of gaining from the increased tourists expected in the country. Sofia apartments have also proved popular especially as the real estate prices are very cheap compared to other similar cities in eastern Europe.
The main ski resorts of Borovets and Bansko are in demand from investor who see this as an opportunity to buy a ski property at prices would cheaper than the traditional ski resort in France or Switzerland. Demand is so high that some buyers are placing deposits over the internet and phone without even viewing the apartments in advance. Real estate agents caution that it is always better to view the property before buying.
British property buyers are currently buying up properties in Bulgaria ski areas as the country prepares its bid to host the 2014 Winter Olympics. A typical one bedroom apartment in a Bulgarian ski resort can be purchased for just 35-45000 euros and investors are hoping to make handsome profits by renting the apartments to tourists for skiing and summer holidays. Tourists are attracted by the very cheap costs of accommodation and services in Bulgaria. Eating out at a restaurant in a Bulgarian ski resort costs less that 10% of what it would in a French resort.
The amount of UK buyers investing in Bulgarian property has increased by almost 80% in the last 12 months and Bulgaria real estate agents are expecting a 20% increase in property sales in te run up to joining the EU in 2007.